• 1 Introduction
  • 2 The Model
  • 2.1 Overview
  • 2.2 Venture Capital Financing
  • 2.3 Efficient Allocation
  • 3 Competitive Market Equilibrium
  • 3.1 Effort, Advice and Rents
  • 3.2 Competition Among VCs
  • 3.3 Self-Selection of Entrepreneurs
  • 3.4 Efficiency
  • 4 ComparativeStatics
  • 5 Conclusions